03 Jan 2017 Q1 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are a few of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you are meeting all applicable deadlines and to learn more about the filing requirements.
- File 2016 IRS Forms W-2, ‘Wage and Tax Statement,’ with the Social Security Administration and provide copies to your employees.
- File 2016 IRS Forms 1099-MISC, ‘Miscellaneous Income,’ reporting non-employee compensation payments in Box 7 with the IRS, and provide copies to recipients.
- File IRS Form 941, ‘Employer’s Quarterly Federal Tax Return,’ to report Medicare, Social Security, and income taxes withheld in the fourth quarter of 2016. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return. Employers that have an estimated annual employment tax liability of $1,000 or less may be eligible to file IRS Form 944,’Employer’s Annual Federal Tax Return.’
- File IRS Form 940, ‘Employer’s Annual Federal Unemployment (FUTA) Tax Return,’ for 2016. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.
- File IRS Form 945, ‘Annual Return of Withheld Federal Income Tax,’ for 2016 to report income tax withheld on all non-payroll items, including backup withholding and withholding on accounts such as pensions, annuities, and IRAs. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 10 to file the return.
File 2016 IRS Forms 1099-MISC with the IRS and provide copies to recipients. (Note that IRS Forms 1099-MISC reporting non-employee compensation in Box 7 must be filed by January 31, beginning with 2016 forms filed in 2017).
If a calendar-year partnership or S corporation, file or extend your 2016 tax return. If the return is not extended, this also is the last day to make 2016 contributions to pension and profit-sharing plans.